TSX Week Ahead: Bank Earnings and Jackson Hole
The S&P/TSX Composite enters a critical week as all six major Canadian banks report fiscal third-quarter earnings between Tuesday and Thursday, with the annual Jackson Hole economic symposium running in parallel.
The TSX closed Friday at 36,620.23, up 254.81 points on the day but down 110.04 points for the week. Thursday’s close at 36,365.42 marked a two-week low following Wednesday’s bank selloff, though Friday’s rebound lifted the index back above 36,600.
Bank Earnings Calendar
Three consecutive days of earnings releases start Tuesday morning:
Tuesday, August 25 (before open): BMO and Scotiabank report results for the three months ended July 31, 2026. Analyst consensus compiled by Investing.com as of August 21 expects BMO to deliver earnings per share of C$3.74 on revenue of C$9.70 billion, while Scotiabank consensus calls for EPS of C$2.08 on revenue of C$9.97 billion.
Wednesday, August 26 (before open): National Bank of Canada releases results. Consensus expects EPS of C$3.18 on revenue of C$3.86 billion.
Thursday, August 27 (before open): RBC, TD, and CIBC close out the earnings week. Consensus forecasts RBC to post EPS of C$4.04 on revenue of C$18.07 billion, TD to report EPS of C$2.45 on revenue of C$15.17 billion, and CIBC to deliver EPS of C$2.50 on revenue of C$8.02 billion.
According to Investing.com, every Big Six bank has exceeded consensus estimates for four consecutive quarters heading into this reporting period. For detailed analysis of each bank’s performance drivers and analyst expectations, see our comprehensive Q3 earnings preview.
Why This Week Matters
Last week ended with volatility across Canadian bank stocks. Wednesday’s broad selloff sent the TSX to its lowest level in two weeks by Thursday’s close, before Friday’s rebound pared losses. Mining and bank strength drove Friday’s gains, with gold miners leading as December gold futures climbed US$109.20 to US$4,680.60 per ounce.
The earnings releases come after soft June and July consumer data reinforced market expectations, as noted by Trading Economics, that the Bank of Canada will keep interest rates unchanged at its next decision on Wednesday, September 2.
Jackson Hole Symposium
Federal Reserve officials gather Thursday through Saturday at Jackson Lake Lodge, Wyoming, for the annual Kansas City Fed symposium. This year’s topic — “Financial Innovation: Implications for Payments and Policy” — brings central bank policymakers together as markets navigate the intersection of monetary policy and financial system evolution.
What Investors Should Watch
Beyond the earnings numbers themselves, we’re watching three key themes this week:
First, how Canadian bank management teams address loan loss provisioning and credit quality trends from the July quarter. Second, any commentary on mortgage portfolio performance and Canadian consumer resilience. Third, guidance for the fiscal fourth quarter as banks enter the final three months of their fiscal year.
The convergence of quarterly earnings, Jackson Hole commentary, and the approaching September Bank of Canada decision creates an information-dense week for Canadian equity investors.
Data as of August 21, 2026 close.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Market data as of the August 21, 2026 close.
